Bitcoin’s price weakness intensified after the Wall Street open on June 17, dropping below $105,000. Analysis from TradingView and Cointelegraph Markets Pro highlighted the potential for a significant downward move, warning of a “rug pull” near $104,000.
Bitcoin experienced an unusual sequence of 11 consecutive hourly red candlesticks, signaling sustained selling pressure. Order book data revealed signs of liquidity manipulation, known as “spoofing,” where large traders place and remove orders to influence price action.
Trading resource Material Indicators noted on X that if Bitcoin falls below $105,000, a sharp decline to around $104,000 could follow. Conversely, a rise above $108,000 may open the path to $110,000.
Despite this volatility, trader Skew remained cautiously optimistic about Bitcoin’s resilience. He observed that current pullbacks lacked the panic selling, aggressive shorting, and volume spikes seen in previous dips. However, he warned that a larger price move is still brewing.
Meanwhile, the US dollar, which usually moves inversely to Bitcoin, showed signs of recovery after hitting three-year lows. The US dollar index (DXY) is near a critical support level, with technical indicators suggesting bullish momentum may be emerging.
In broader markets, despite tensions between Israel and Iran, analysis from The Kobeissi Letter suggested that fears of a global conflict remain unfounded. Gold prices remain steady, oil prices rose modestly, and the 10-year US Treasury yield approached 4.5%, signaling manageable geopolitical risk.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Trading cryptocurrencies involves risk, and individuals should perform their own research before making decisions.